Cutting a lifeline to maritime crime: marine insurance and IUU fishing
Rashid Sumaila (Liu Faculty Affiliate, University of British Columbia), Dana D Miller, Duncan Copeland, Dirk Zeller, Baris Soyer, Theodora Nikaki, George Leloudas, Stig T Fjellberg, Rebecca Singleton, Daniel Pauly
6 June 2016
This study is available for download here.
New research from the University of British Columbia finds that rogue fishing vessels are able to secure insurance including those that have been flagged by international watchdogs for unlawful activity. Illegal fishing is a major problem that siphons an estimated $10 to 20 billion annually from the global economy, and causes millions of tonnes of fish to disappear from the oceans. It damages habitats and makes fishing harder for law-abiding fishers. Insurance can be financially beneficial for fishing vessels because it eliminates the risk of large financial loss should an accident occur.
So how could illegal vessels be prevented from obtaining insurance? The answer is relatively simple. Researchers recommend insurance companies check lists of known illegal vessels before issuing insurance. These lists include regional fisheries management organizations’ Illegal, Unreported, and Unregulated (IUU) vessel lists, and the list of vessels that INTERPOL has issued Purple Notices for, seeking information on their activities, associations, and whereabouts.
“This approach is a much less expensive way to prevent illegal fishing than traditional methods,” said co-author Rashid Sumaila, the project director of OceanCanada and a professor in the UBC Institute for the Oceans and Fisheries.
Read more on UBC News here.
